All Banking articles – Page 17
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News BriefAtlantic Union Bank to pay $6.2M in CFPB overdraft case
Atlantic Union Bank agreed to pay $6.2 million as part of a settlement with the Consumer Financial Protection Bureau resolving allegations the bank illegally enrolled and misled customers in its checking account overdraft programs.
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News BriefOCC offers compliance guidance to banks on ‘buy now, pay later’ loans
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
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PremiumGraphics: 2023 CCO/CECO salary trends
Year 5 of our “Inside the Mind of the CCO” survey saw the average salary of responding chief compliance officers and chief ethics and compliance officers decline slightly, while other statistical trends repeated from previous iterations.
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News BriefCanada’s AML agency fines RBC $5.5M over suspicious transaction reports
Royal Bank of Canada was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) in November by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
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OpinionBook review: Demythologizing money laundering, demystifying AML compliance
Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.
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ArticleConsumer Duty: What are the next steps?
Matti Pekkola of investor services group IQ-EQ identifies key trends from the past year of working with regulated firms on U.K. Consumer Duty compliance.
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Blog
Bogota Financial promotes risk chief to CEO
Bogota Financial Corp., holding company of Bogota Savings Bank, announced Kevin Pace, executive vice president and chief risk officer of parent company MHC, was named president and chief executive officer.
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News BriefBank of America unit fined $24M in FINRA spoofing case
Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
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PremiumCompliance officers share lack of faith in off-channel comms monitoring policies
Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.
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News BriefBank of America fined $12M over demographic data reporting lapses
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
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Blog
Wells Fargo adds international sustainability head
Wells Fargo appointed Andrew Bowley to the role of international head of sustainability.
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News BriefTD Bank unit fined $600K by FINRA over email review lapses
TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
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News BriefSingapore banks say money laundering risks up after $2B scandal
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
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Blog
Yes Bank appoints chief risk officer
India-based Yes Bank announced the appointment of Tushar Patankar as chief risk officer.
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Blog
Q2 appoints first chief risk officer
Digital banking and lending solutions provider Q2 Holdings appointed Blair Williams as its first chief risk officer.
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OpinionNo time like present to tackle thorny problem of off-channel comms
The new messaging on use off-channel communications for business should be clear: What was done before is no more. It cannot continue. The stakes are too high.
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News BriefFrench high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
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PremiumHow technology can help track off-channel communications use
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.
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PremiumExperts: ICO apology to ex-CEO does not absolve NatWest of GDPR liability
Just because Alison Rose received a public apology from the U.K. Information Commissioner’s Office regarding the suggestion she might have violated the General Data Protection Regulation doesn’t mean NatWest could avoid sanction.
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Blog
Comerica appoints chief risk officer
Comerica Bank announced Brian Goldman has been named senior executive vice president and chief risk officer.